http://www.smarttimes.co.kr/news/articleView.html?idxno=31597

Malta’s Financial Intelligence Analysis Unit (FIAU) has fined OKCoin Europe, a subsidiary of major cryptocurrency exchange OKX, €1.05 million (US$1.2 million) for failing to comply with the country’s anti-money laundering regulations.

The penalty, announced Thursday, stems from a 2023 review in which the FIAU found the company had not properly assessed the risks of money laundering and terrorism financing linked to its crypto offerings.

The FIAU criticized the firm for inadequate scrutiny of high-risk features such as stablecoins, transaction mixers, privacy coins, and decentralized exchange tokens. It emphasized that OKCoin Europe did not sufficiently evaluate the risks tied to the services it provides, in violation of Malta’s Prevention of Money Laundering and Financing of Terrorism Regulations.

In a statement, OKX confirmed that it had addressed the compliance gaps highlighted during the review. The FIAU acknowledged that the company has made significant improvements in its compliance efforts over the last 18 months.

Earlier this year, OKX secured Malta’s Markets in Crypto Assets (MiCA) license, allowing it to offer services across the EU.

Bloomberg was the first to report the news.